Topic: What's best - SHA256 or Scrypt? - page 4. (Read 3877 times)

Thanks for your input.

First let me clear about SHA256, in no way did I even think anyone would compare my coin to bitcoin, that's silly.  Maybe ixCoin since that was a total clone, but not my coin as my coin would be quite different, I hope.

The biggest reason for SHA256 for me is to give the ability to merge mine it.  I watched ixCoin being abandoned and yet it didn't die and that impressed me cause it should have died so I have been buying ixCoins ever since cause I think there's something there and I think people and bankers alike will soon compare it to Bitcoin. I mean, even the developer's name is a derivative of Satoshi.  

The reason ixCoin survived was cause of merge mining.  Merge mining is gonna get bigger and bigger and it's a sure thing to help any coin looking to get popular and build a strong network.  Without SHA256 there is no merge mining.  

My second reason for SHA256 is making it future proof and this is where we disagree.  I see a huge wave of awareness coming as soon as Bitcoin gets its own ETF.  I watched it happen with the Internet funds in the early 90's.  At first everyone was laughing and when those funds made mad money there was a rush to copy and make more big Internet funds.

Wallstreet will look to copy bitcoin so I think they'll choose ixCoin.  

At any rate, there will be a huge boom coming (next year) in awareness and with cheap ASIC miners the masses will get in on it.  I see it as foolish to design a coin which will not meet the needs of millions of ASIC miners in the very near future 12-24 months.  

These are my legit reasons - absolutely nothing to do with confusing newbies.

As for just giving out my ideas, I know this is open source which is why I don't care if anyone uses anything i can think of but since I think it's a good and original idea I wanna wait in case I launch my own coin.  I'll know in a matter of days and if not then I'll give the idea away in case it is a good one.

But hey, I thought routing 25% of the coins back to the miners was a great idea and it wasn't so who know, this feature I'm thinking of may be seen as a joke.  But I'm glad we had some position and informative conversations on these new threads and polls.  And the polls did help me a lot - I gave up on the idea of launching CatholicCoin and OrphanCoin due to the polls.  Helpful indeed.  But I haven't heard any solid arguments for scrypt - just mostly fear of ASICS and that's not a good reason cause ASICS are the future and the future is less than 1 year away.

Just watch bitcoin get the ETF license and then we'll talk cause nobody thinks they'll get it. Not the pros and experts anyway.  That's gonna change everything overnight like it did for the dot com era.  Buy and store as many alt coins as you can cause it's coming.  Good luck.

Or you could PM me. Make your choice.

Here's some advice for you Vlad.  Since your semi broke, and don't seem to have the basics down yet.

You aren't the developer.  Satoshi is/was the developer.  If you make an alt coin you are doing so because Satoshi gave the code out for free to anyone that wanted to make a few changes to it (Hense why it isn't costing you $500,000 to launch an alt coin).  Everything here is open source.   You are surrounded here by programmers and people who want to change the world.  Most aren't doing it for the money.  Keeping your ideas to yourself, and paying a programmer upwards of $10,000 for each groundbreaking change isn't going to net you anything, since all the code you paid $10,000 for is free for everyone that wants to use it right after you put it out there.  If you do have groundbreaking ideas, it is probably best for a person with no programming skills and not a lot of money to release them to the public now.  Someone may write the code for you for free, or when you finally get ahold of someone to make a coin for you, you can get them to copy that part of the code for your coin as well.

You keep claiming you want to make a coin for the miners.  But 99% of the alt coins being released are made for the miners, as 100% of the coins minted  are released to the miners.  In your coin you are always trying to have the miners pay you a "tax" for being the one to "develop" the Miners coin.

Before you think ASIC's are the way of the future, and that when Bitcoin becomes popular everyone and their dog will have a Miner.  That couldn't be further from the truth.  Only the tech nerd types will be wanting to continue mining.  As more people get into mining with ASIC's the less and less money they make with them.  Only a certain amount of coins gets released, and that number halves every so often.  I really hope the future doesn't involve 2 billion people fighting with 5 Thash/s machines for 5 Bitcoins.  Lol, it's not hard to see even at 300W, everyone will be losing money with that one.  The way you make money is to buy into the product, not the mining aspect of it.  Not sure if you realize it, but even a 50 G Hash/s ASIC miner, if the difficulty went to only 2 billion would only make $0.03 a day after power at $0.14/KWh.  And 2 billion difficulty will happen if probably less than 50,000 people all bought a 50 GHash miner.  Even if everyone was mining on 50 T hash/s machines, the amount of coins distributed to all the people mining would still be the exact same payout as if everyone went back to CPU's and mined at 5 khash/s

And yes ASIC's can mine any sha256 based currency.  What they can't do is mine Scrypt.  And the programming behind scrypt was designed to make it quite expensive of an endeavor to create a scrypt ASIC miner.  Not to say that day won't happen.  But if Bitcoin needed to go above say $50 before it became profitable to start creating it, Litecoin would probably have to be sitting near $250 before someone figured it was time to pour a few million into developing a Scrypt based ASIC miner.  

But again.  It's your coin.  Don't rely on polls to tell you what coin you should have copied, since I can see you have your heart set on SHA256 no matter what the polls say.  You have to many other things going against you that really I don't think this aspect will be what sinks you.

Aahahhahaaaaa.  Great movie.


That's so funny.  That's the exact clip I imagined the second you said Denzel.

Well, he could steal your idea, too, and nobody would believe you had it first because of his seniority. You have to trust someone down the line.

stereotypical remaining Bitcoin supporters at this point in time

http://www.youtube.com/watch?v=6KrNpxODiDA

I think you guys know how Denzell winds up in the end

You're assuming that this ASIC will only run ONE instance at a time. The more you can run at one time, the faster you can do it: this is how SHA-256d ASICs achieve such speeds. The more you try to parallelize Scrypt, the more memory you need, which becomes a large cost, fast.

I'm not sure if you're being sarcastic.

Bitcoin getting an ETF will definitely change everything but it will be a boon for all alt coins.

In the long run, like anything good - politicians and bankers will take over and destroy all that is good, and bitcoin is no different.

I laugh when I hear bitcoin millionaires talk about how bitcoin is private and the banks and the govt can't track you and watch you, etc.

That's laughable - they're all just waiting to really catch on with the masses before they come in and hijack the most popular one and kill or cripple the rest, in the name of national security.

Digital money would give the government and banks absolutely and total control over the masses with zero privacy left.  That is a guarantee and that's actually what drew me to alt coins cause I know they won't be allowed to fail.

Those pros in the media and wallstreet who laugh at bitcoin getting an ETF license and say it's not possible are truly clueless.

yeah it feels good hoping Bitcoin makes its way to the largest collection of financial institutions in the world

You can tell the people who are all about Bitcoin with money in mind, and those who actually use their minds

Ahahhahahaaa.  You know I wanted to correct him too but after seeing how he was cursing at people I didn't bother but you're right.  They can build ASICS but SHA256 has an advantage.

I have to presume Satoshi thought or this stuff cause ASICS have been around a long time.  Another reason I like SHA256 over scrypt - besides merge mining many coins together it feels good staying on the path build by the genius who put together bitcoin.  

Man, that's such a good point.  This sucks.  Maybe I should just put it out here and that's that.  If its good its gonna get copied anyway, but I would like to be first to offer it.

I can code.

Define large.  Is 128KB (yes kilobytes not Megabytes or Gigabytes) large?  You are aware the Scrypt memory parameters chosen are far below what is recommended for low security real time use by the Scrypt designer.   It is roughly 1/100th as memory hard as recommended for low security applications and about 1/8000th as memory hard as what is recommended for high security applications.

You can merge-mine with ASICs, because all they do is SHA-256d. And people aren't going to build Scrypt ASICs. God, when is this myth going to die? You can build a specialized processor to do only Scrypt, but it'll cost just as much as a GPU because you need a large amount of fast memory for it. That's also why this dumbfuck:


has no idea what he's talking about.

Man, that's awesome news.  See, this is the biggest reason to go SHA256 - to have your coin merge mined with other coins.

I knew you could merge mine with a BFL ASIC but I thought you could only mine BTC as far as single coins go.  Where did you see you can mine any SHA256 coin with an ASIC, I even talked to josh at BFL and be said you can only mine Bitcoin so I was thrilled when I saw people successfully merge mining other coins WITH bitcoin.

Thanks a lot.  The part about NATO is interesting cause I think the govt will drool over the potential of digital money and what better way to implement your own than to hijack the most popular one (in the name of national security, of course).

Are you a programmer by the way or can you code?  I really need to ask a few questions to see if what I want is doable and how difficult it would be but the 2 guys helping launch coins aren't responding.  

And I'm worried if this is a good idea someone will steal it before I do it but you seem like a reputable guy but I don't know if you're a programmer or not.  TIA

Oh please, this guy has been a broke joke trying to make a payday from the start under the guise of "hay I'm honest, trust me".

Ok, you think that and I'll think what I think. Why pay 1,000 dollars for something with no face or unique tangible backing to it besides highly illegal and completely anonymous marketplaces?

A Bitcoin ETF is the beginning of the end of the BTC as we know it, and will only quicken the rate of people switching to alt coins.

Wake the fuck up and stop thinking with your wallet, which is being dominated by the thought of how to gain more fiat currency. You are becoming what you hate

On Bitminter as on many other pools it is possible to merge mine Namecoins together with BTC.

Besides, you can mine any SHA-256 coin with current ASICs.